Solomon Corporation began fiscal Year 2 with the following balances in its inventory accounts. Raw Materials $ 55J 299 Work in Process 83,899 Finished Goods 26J 709 During the accounting period. Solomon purchased $239.300 of raw materials and issued $249,900 of materials to the production jepartment. Direct labor costs for the period amounted to $323,600, and manufacturing overhead of $46,900 was applied to Work in 3rocess Inventory. Assume that there was no over, or underapplied overhead. Goods costing $611,200 to produce were completed and transferred to Finished Goods Inventory. Goods costing $601,800 were sold for $801,800 during the period. Selling and administrative expenses amounted to $70,300. Qequired :. Determine the ending balance of each of the three inventory accounts that would appear on the yearend balance sheet. :1. Prepare a schedule of cost ofgoods manufactured and sold. :2. Prepare an income statement